Description
NSE Clearing Limited announces the settlement calendar and timings for the Offer for Sale (OFS) of Indian Railway Finance Corporation Limited shares scheduled for February 25-26, 2026.
Summary
NSE Clearing Limited has issued the settlement calendar for the Offer for Sale (OFS) of shares of Indian Railway Finance Corporation Limited (IRFC). The OFS is scheduled across two order dates — February 25, 2026 (non-retail) and February 26, 2026 (retail and non-retail) — with corresponding settlement dates of February 26 and February 27, 2026 respectively.
Key Points
- OFS is split across two settlement numbers: 2026039 (order date Feb 25) and 2026040 (order date Feb 26)
- Non-retail (IS) category orders on Feb 25 settle on Feb 26, 2026
- Retail (RS) and non-retail (IS) category orders on Feb 26 settle on Feb 27, 2026
- 100% margin applicable for IS (non-retail) and RS (retail) categories; 0% margin applicable for IS (non-retail) custodial confirmation window
- Custodial confirmation deadline for Feb 25 orders: 3:30 PM on Feb 25; confirmation for Feb 26 orders: 3:30 PM on Feb 26
- 0% margin custodial confirmation available until 7:30 AM on the settlement day
- Securities Transaction Tax (STT) and stamp duty will be collected on the respective settlement day
Regulatory Changes
No new regulatory changes introduced. This circular operationalises the framework established under circular NCL/CMPT/67751 dated April 29, 2025, which mandates that OFS settlements follow existing secondary market transaction rules.
Compliance Requirements
- Members, custodians, and PCMs must adhere to the specified settlement calendar for IRFC OFS transactions
- Custodians must complete confirmation by the stipulated times (3:30 PM for standard; 7:30 AM next day for 0% margin)
- Funds pay-in must be completed by T+1 day 11:00 AM
- Securities and funds pay-out will be processed by T+1 day 1:30 PM
- Applicable STT and stamp duty to be paid on the respective settlement date
Important Dates
| Event | Date / Time |
|---|---|
| OFS Order Date (Non-Retail, Settlement 2026039) | February 25, 2026 |
| Custodial Confirmation Deadline (100% margin) | February 25, 2026, 3:30 PM |
| Custodial Confirmation Deadline (0% margin) | February 26, 2026, 7:30 AM |
| Settlement Date (2026039) | February 26, 2026 |
| OFS Order Date (Retail + Non-Retail, Settlement 2026040) | February 26, 2026 |
| Custodial Confirmation Deadline (100% margin, IS) | February 26, 2026, 3:30 PM |
| Custodial Confirmation Deadline (0% margin, IS) | February 27, 2026, 7:30 AM |
| Settlement Date (2026040) | February 27, 2026 |
| Funds Pay-in Deadline | T+1 by 11:00 AM |
| Securities & Funds Pay-out | T+1 by 1:30 PM |
Impact Assessment
This circular has a moderate operational impact on members, custodians, and PCMs participating in the IRFC OFS. Participants must ensure timely custodial confirmations and fund availability to avoid settlement failures. The dual-day OFS structure (non-retail on Day 1, retail + non-retail on Day 2) requires careful scheduling of internal operations. No systemic market impact is anticipated beyond the specific participants in this OFS.
Impact Justification
Operational circular specifying settlement schedules for a specific OFS event; directly relevant to members, custodians, and PCMs participating in IRFC OFS but limited in broader market impact.